Astrazeneca shares up on higher earnings expectation

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5:39 pm, October 30, 2008
Astrazeneca shares up on higher earnings expectation

Astrazeneca (LSE: AZN) increased its earnings guidance for the year after announcing better third quarter profits than the market expected.

Pre-tax profits rose to$2.44bn (£1.48bn) in the three months to the end of September, up 29 per cent.

Currency movements helped but sales increased by 9 per cent to £7.78bn.

In the USA, sales of high blood pressure treatment Toprol-XL fell by £85.5m after cheaper generic rivals came on the market.

Astrazeneca, which employs 6,500 people in Alderley Park and Macclesfield,said its three year costing savings programme was on track to reduce global headcount by 7,600.

David Brennan, chief executive, said: "Astrazeneca has delivered a robust set of results that deliver on our performance commitments despite an increasingly challenging environment for the pharmaceutical sector and business in general.

"We continue to make good progress on reshaping our cost base, including advancing innovation in our research and development activities with greater productivity and efficiency."

The group has put its share buyback scheme on hold for the rest of the year to free up cash for investment and acquisitions.

Shares were up 5 per cent today after the company said its earnings per share should increase to between £2.97 and £3.06.

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